Struggling to get back my refund

Negotiator

Not actually sure which part of the forum this post should go in, can a mod move it if you can find a better place.

Basically I used a company called Transfergo to transfer a sum of money in the hundreds of pounds to another one of my investment accounts. Firstly I sent them the money online via my bank account and all was well. I waited for a few days and nothing, then I received an email from Transfergo saying that my payment was rejected by their bank account.

The reason was not given, however they agreed to refund me back all my money. I waited for about 7 days and no money had been refund so I contacted them again. Seems that their bank HSBC somehow cocked up the refund and is struggling to trace where the payment has gone. (Transfergo actually use a banking partner called Cashflows which acts as an agent for HSBC).

All through this time I have been in email contact with a person that works for Transfergo. The other day I got an email saying that HSBC was requesting the following information:

1.FULL NAME AND PHYSICAL ADDRESS.
2.ALONG WITH DATE OF BIRTH AND PLACE OF BIRTH AND NATIONALITY OF THE BENEFICIARY.

Why HSBC needs in the information in point two and even point one, I haven't a clue.

So in total its been almost 3 weeks and transfergo still haven't managed to deposit my refund back into my bank account. I am not prepared to wait much longer, what are my options if HSBC are not able to trace where the original refund payment has gone to. Also should transfergo not just make another payment into my bank account and claw back the money that was lost in the first refund in there own time instead of messing me about?

Thank You

grumbler

Negotiator wrote: »

...I received an email from Transfergo saying that my payment was rejected by their bank account.

The reason was not given, however they agreed to refund me back all my money.

This makes no sense as if the payment was rejected by the bank, the company cannot refund it.

The other day I got an email saying that HSBC was requesting the following information:

1.FULL NAME AND PHYSICAL ADDRESS.
2.ALONG WITH DATE OF BIRTH AND PLACE OF BIRTH AND NATIONALITY OF THE BENEFICIARY.

Why HSBC needs in the information in point two and even point one, I haven't a clue.

Recently HSBC have become agressively paranoid about all biggish transfers when money laundering can be suspected even in the slightest degree.

BonkersBonkers

If the money 'bounced' it should have gone back into your account.
The fact it didn't suggested one side thinks there was something amiss with the transfer.
If I was asked for extra information I would play ball if you want to see it again.

Archi_Bald

Sounds like you are being investigated for money laundering. HSBC are a bit sharp on this now, following their recent $1.9bn fine. Not much point not being prepared to wait for your refund - you'll have to wait until it gets resolved.

As an aside, why did you need to use a money transfer service to put money into your investment account? Why did you not use your bank's money transfer services? Who are your bank? Which country do you live in? Who holds your investments? What country's laws apply to your investments?

Negotiator

The money needed to be transferred into my bitstamp account and so needed to be a SEPA payment. My bank cannot do SEPA payments so needed to go through transfergo.

Archi_Bald wrote: »

Sounds like you are being investigated for money laundering. HSBC are a bit sharp on this now, following their recent $1.9bn fine. Not much point not being prepared to wait for your refund - you'll have to wait until it gets resolved.

As an aside, why did you need to use a money transfer service to put money into your investment account? Why did you not use your bank's money transfer services? Who are your bank? Which country do you live in? Who holds your investments? What country's laws apply to your investments?